Agriculture Industry Waiting for the Right IoT Business Model
The Internet of Things has the power to revolutionize many industries, but some of its applications are more obvious than others. The finance world, for example, is a prime candidate for this extensive interconnectedness, and big improvements in productivity have already been noted thanks to their use of the IoT. However, agriculture has not been reaping as many benefits. In fact, it has the lowest digital penetration rate of any sector.
The right business model, however, could turn AgTech’s fortunes around. That’s what happened with Uber, whose clever business model tapped into the sharing economy to transform the taxi business. The agriculture industry is just waiting to discover its own disruptor like Uber.
The Yield Shows Tremendous Potential
One AgTech business that is gaining a lot attention for its innovative approach is The Yield. The Australian company uses IoT technology to help take a lot of the guesswork out of the process of growing food. By measuring hyper-local weather conditions not only at farms but also at individual fields, rows, and even plants with extreme accuracy and reliability, they have been able to develop artificial intelligence that can make useful predictions. It can help growers to determine the optimal time for planting, feeding, irrigating and harvesting their crops.
The company got its start by developing what it refers to as an “Internet of Oysters” to help oyster farmers improve the accuracy of harvest closures. Oyster harvesting is not allowed during heavy rainfalls because they are vulnerable to contamination from runoff. By combining real-time sensors with advanced data analytics monitoring the water system, they found a way to predict closures three days in advance with 95 percent accuracy.
Now they are bringing their innovative IoT platform technology to the agriculture sector in general with the aim of reducing uncertainty because of the weather. They have already seen excellent results in trials with some of the top Australian producers, and it is hoped that this managed knowledge service will play a role in shaping the future of IoT in agriculture.